Smart Thinking On Investing – October 14
Smart Thinking On Investing – October 14
Money Myths That Could Ruin Your Finances
- Student loans are not wiped automatically after 10 years; keep up your payments to avoid serious damage to your credit situation too
- That a new car purchase will save you more money than an old one in the long run; don’t fall for this lure—find a balance
- Investing does not require a lot of money; many financial apps ask for anything between $0 and $500 now
- Earning money outside your career is hard; there are a lot of side hustle opportunities if you’re savvy enough to create them—both on and offline
Have you fallen foul of one of these myths? Share your comments in the section below
Think Smart and Don’t Make These Costly Mistakes
- Branch into investment areas you know; investing in yourself and your own business may work better for your than real estate or stocks
- Don’t place all your money—and faith—in just one stock or industry
- Seek professional advice; preferably from someone with your interests in mind rather than their fees
The Secret Sauce to Investing Success
- Everyone is looking for the magic ingredient to successful investing; whether it is in charts, data analysis or stock information
- Successful investing requires hard work and adaptability—trying to recoup your losses all the time is futile
- Focus instead on risk and how to avoid those losses in the first place; spread your risk out and stop concentrating on changeable price targets
Four Traits to Cultivate for Successful Investing
- Among the top 1% of master investors are similar traits to employ; the skill to control your emotions and make carefully weighted decisions rather than act on impulse
- Understand your limitations and don’t try to shoot for the moon
- Be interested in the process; you don’t need to be a financial genius but take the time to get involved
- Learn your financial history and be disciplined; the past can teach us a lot about investing mistakes to avoid ourselves
Why Now Is the Best Time in the History to Be Alive and Young
- Be creative and you can have the most unusual career you imagined; there are a wide range of possibilities available—your only limitation is yourself
- Starting a business is so much more accessible to anyone at whatever age
- Study from anywhere around the globe; with the rise of online courses you have a wealth of options to choose what you want and where you want to learn
- Technology has made our daily lives and travels so much easier; the world really is your oyster
Do you want to start investing on your own, but don’t know how?
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DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article. Andrew Stotz doesn’t necessarily endorse any stocks or shares mentioned in the articles or the author of such articles linked to and summarized in Smart Thinking On Investing and cannot guarantee the accuracy of its information.